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May 26, 2004

Petrobras awards platform contract

The consortium of FELS Setal SA and Technip Engenharia S/A (Technip) has received a Notice of Award from Petrobras Netherlands BV (PNBV) to build P-51, a semisubmersible production platform, for US$639 million.

To be completed in 47 months, the P-51 platform will be deployed in Petrobras' Marlim Sul oil field.

FELS Setal and Technip's share in the project is 75/25 respectively.

Sixty percent owned by Keppel Offshore & Marine Limited (Keppel O&M), FELS Setal has the largest and most comprehensive shipyard in the southern hemisphere, occupying an area of 440,000 sq metres in Angra dos Reis, Brazil. Its other yard in Niteroi is an established topsides fabricator. It also has fabrication base in Macae that services offshore rigs in the Campos Basin.

FELS Setal's work on the P-51 platform will be divided into three portions. Detailed engineering and construction of the corner nodes of the lower hull will be carried out by Keppel FELS in Singapore.

A part of the lower hull will be subcontracted to the NUCLEP yard. NUCLEP is a Brazilian state-owned company providing fabrication and maintenance for a nuclear power station that is located in the vicinity.

FELS Setal will fabricate the rest of the lower hull, deckbox, topside, accommodation and modules and will also handle the commissioning and pre-operations start-up.

Technip will be responsible for the overall engineering and detailed engineering of the deckbox and offshore mating and transportation.

Mr Tay Kim Hock, President and Chief Executive Officer of FELS Setal, said, "The P-51 project represents yet another major milestone of localizing significant amount of work in Brazil. This will create more employment and will enhance the capabilities of local companies."

P-51 is a 41,000 tonne unit capable of producing 180,000 barrels of oil and 6 million cu m of natural gas a day. It will be installed in 1,255 m of water, 175 km from the coast, and is scheduled to begin production in the first quarter of 2008.

An hour's drive from BrasFELS in Angra dos Reis, NUCLEP is a Brazilian state-owned company providing fabrication and maintenance for a nuclear power station that is located in the vicinity.

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